The deadline for the submitting bids for the purchase of the Chicago Cubs came and went on Monday, December 1st. The Cubs received bids from the following bidders:

The Tom Ricketts Group – Ricketts is the CEO of Incapital LLC, a Chicago-based investment bank.

The Marc Utay Group – Utay is managing partner of Clarion Capital Partners LLC, a New York-based private equity firm.

The Hersh Klaff Group – Klaff is a real estate executive with strong ties in Chicago.

The Chicago Cubs did not comment on any of the bids and it is unclear how the current economic crisis affected any of the bids submitted or will affect the timing of the sale.

In a surprising turn of events, the Cubs received 1 less bid than expected. Dallas Mavericks owner Mark Cuban, who was rumored to have the top bid in the initial round of bids, chose not to submit a final bid. Cuban faces a federal civil law suit for insider trading and some felt that once federal regulators filed the suit, Cuban’s prospects of gaining approval from MLB owners would be even tougher than already expected. Several sources have speculated that MLB Commissioner Bud Selig and the “old boy” owners network would never allow a “maverick” like Cuban into the ranks of professional baseball team owner.

We’ll keep you posted the second we hear anything about the future sale of the Cubs.